By now You must have already gone through hundred of articles explaining cumbersome new provision of Sec.194Q which is coming w.e.f. 01.07.2021 by the Finance Act,2021. This is my humble attempt to simplify the same to make it understandable to layman aka taxpayer. If you happen to go through Honorable FM’s budget speech of 2021, […]
The Finance Act, 2021 has introduced a new Section- Sec. 206AB. This is a Special Provision for deduction of tax at source for non-filers of income tax return. This Section shall come into effect from 01st July, 2021. The purpose behind introducing this Section is to ensure maximum income tax coverage and compliance. The Government […]
Introduction As per the provisions of sec 40a (ii) any payment on account of any rate or tax levied on the profits or gains of any business or profession are not allowable as a business expense. Hence, the amount of Income tax Paid by the assessee is disallowed u/s 40(a)(ii). However, along with Income Tax, […]
DIVIDEND When a company earns more money than it spend, the extra money can either be spent on making the company better or it can be given to the people who own stock in the company as a dividend. Dividends can be issued in various forms, such as cash payment, stocks or any other form. […]
Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs North Block, New Delhi-110001 Tel. No.: +91-11-23092849, Fax : +91-11-23092890 E-mail : ajit.m@gov.in D.O. No. 73/CH(IC)/2020 Date: 15th June 2021 Today i.e. 15.06.2021 marks the completion of one year of launch of e-Office across the formations in our Department. […]
Bracing for implementation of Section 206AB of Income-tax Act Finance Act, 2021 made certain sweeping changes in the provisions relating to tax deduction at source in order to enhance the current tax base and bring more taxpayers into the fold of tax compliances and reporting in the country. One such change with far-reaching implication was […]
This is a pure management jargon used in to fit with the corporatization of department being attempted so desperately over past few years. In sync with the times ,fashionably progressive…and all that. Digital lingo has a ditto status. But when that starts dictating the rigours of law, there arises a self made disaster.
Section 206AB and Section 206CCA of the Income Tax Act were recently incorporated in the Income Tax Act, 1961 through the Finance Act, 2021. Both the sections are going to be applicable from 1st July, 2021. As per the provisions of both the sections, higher rate of TDS/TCS rate shall be levied by the Tax […]
Section 92 of the Income Tax Act deals with any income or expense arising from an ‘International Transaction’. In order to understand the definition of ‘International Transaction’, it is essential to understand the definition of ‘Transaction’. Clause (v) of Sections 92F of the Act defines a transaction as: Section 92F of the Act provides an […]
